In a coin toss bet, where both heads and tails are equally likely, you win a dollar on heads but lose a dollar on tails. The expected value of the bet is

Total income is defined as

A) the total amount earned by all resource owners. B) the sum of the total receipts of firms and the amount earned by households. C) the sum of the total receipts of firms less the amount of tax that must be paid. D) the total receipts of firms before taxes.

A decrease in the price of product X will: a. increase the marginal utility per dollar spent on X

b. decrease the marginal utility per dollar spent on X. c. result in an increase in the total utility from consumption of X. d. do both (a) and (c).